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March 22nd. 1960
<br />
<br />Me,ion of Mr. Weiseman to adopt ~he following resolution:
<br />
<br /> "WHEREAS, effective January. i, 1960, approximatetyten square miles
<br /> of new territory were annexed to the City.of Portsmouth, in which
<br /> approximately 32,000 persons now reside; and
<br /> WHEREAS, these new citizens of Portsmouth should be afforded all of
<br /> the benefits available to other citizens of the City.
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Ports-
<br /> mouth, 'Virginia, that the Railway Express Agency be and hereby is re-
<br /> quested to extend free pickup and delivery service to the territory
<br />.recently annexed to this City.
<br /> BE IT FURTHER RESOLVED that the-City Cterk is directed to forward
<br /> copies af these resolutions to tho home office of the Railway Express
<br /> Agency."
<br />
<br /> Motion of Mr. Bartlett to amend the resolution by.changing the third paragraph to
<br />read as follows, was adopted, without dissenting vote:
<br />
<br /> 'Now Therefore Be it Resolved by the Council of the City of
<br />Portsmouth, Virginia, that the Railway Express .Agency be and
<br />hereby is requested to extend free pickup and delivery service
<br />to all territory within the corporate limits of the City.'
<br />
<br />dissenting vote.
<br />
<br />Vote being taken on Mrs. Weiseman's motion, the resolution was adopted, without ~//
<br />
<br /> 60-$3 - "I submit the attached resolution and recommend its adoption. This resolutio
<br />approves the receipt of f~nds due the City of Portsmouth~by theElizaheSh River Tunnel Commission. It also re-
<br />leases the Tunnel Commission of any further obligations under the agreements dated February 1st, 1950 and May~ls
<br />1950."
<br />
<br />On motion of Mr. Smith, the following resolution was adopted, without dissenting vote
<br />
<br /> ~WHEREAS~ the ~liz~abeth~River. Tunnel Di~tric~ has ~old its bond issue
<br /> for the purpose of financing a second vehicular tunnel between the
<br /> c'iti~S of NOrfolk and'Portsm~uth,~and wilhbe prepared on or about
<br /> March ~;~ 1980, to discharge all o~ i-ts financial obligations to the
<br /> City of Portsmouth under and pursnant.~.to paragraphs End and ~th of
<br /> tha~ c~rtainagreemenz',dated No~ember.6, t959)~hereinafter more
<br /> fully described,
<br /> NOW, THEREFORE, BE ~THESOLVEDby~he'Councilof the City of Ports-
<br />mouth-that:the C~ty Manager and:the CiEy Clerk be and they hereby are
<br />authorizedand directed to execute, attest and deliver to the Elizabeth
<br />River~ T~anel~Dis-trict a receipt and release in form substantially as
<br />follows, ~pbn prope~,aymen~ to,the City ef ~he smount hereinafter stated:
<br />
<br />RECEIPT AND RELEASE
<br />
<br /> ~%~H~REAS~ by-agreement:dated May 1, 1950~ the Elizabeth River Turmel Dis-
<br /> trict contracted zo pay Eo the City of Portsmouth the sum of $3,000,000.00,
<br /> withoKt interest, after the discharge of all its obligations under that
<br /> certain trust indenture with Natiknal Bank of Commerce of Norfolk, Trustee~
<br /> d~ted-Feb~uary t~' 1950; and
<br /> WHEREAS, by. agreement dated Juneg, 1953, said Elizabeth-River Tunnel
<br />District contracted to pay to the City of Portsmouth the sum of $491~277.68~
<br />without interest, after the. satisfaction of the aforesaid a~reemeut of May '1,
<br />1950, and certain other obligations therein maE,~ fully described; and
<br /> WHEREAS, by agreement, dated November 6, 1959~ between Elizabeth River
<br />Tumlel District, the City of Portsmouth, the County of Norfolk and the City
<br />of Norfolk, said City of Portsmouth agreed to accept the sum of $1,345~613.84,
<br />together with interest at the rate of 3-1/3% p~r annum, from February 1, 1960,
<br />mn full satisfaction of the above-described agreements of May 1, 1950, and
<br />June 9, 1953.
<br /> NOW, THEREFORE, IN CONSIDERATION of the foregoing and of the payment to it
<br />of the sum of-$1,352,5i7.52, representing the principal sum of $1,345,613.84,
<br />uog6ther with interest thereon at the rate ef 3-1~2% per annum, from February 1,
<br />1960, through March 23, 1960, .the receipt whereof is hereby acknowledged, the
<br />City of Portsmouth does hereby release and forever discharge the Elizabeth River
<br />Tun~el District from any and all claims which it~has, or may have, against said
<br />District arising out of or i~c~rred in connection with the above-described agree-
<br />meats of May 1, 1950, June 9, 1953, and November 6~ 1959.
<br /> IN WITNESS WHEREOF, the City of Portsmouth has caused these presents to be
<br />signed in its behalf, as of the 24th day cf March, 1960, by i~s City Manager,
<br />and its official seal to be hereto affixed and attested by its City Clerk,
<br />both thereunto duly anthorized~ by action of the City Council of the City of
<br />
<br />60-83 - "The CiSy will receive from the Elizabeth River Tunnel Commission, on March
<br />25th,~1960, $1,352,547.52. The cash deficit of the City at the end of the 1958~59 fiscal year was $783,862.64.
<br />I recommend that the tunnel funds be applied against this deficit and the
<br />balance of available funds be invested I~ the best advantage of the City ia Treasury bills or bank time deposits."
<br />
<br />Motion of-Mr. Breedlove ~o concur ia the ~anager's recommendation.
<br />
<br /> Substitute motion of Mr. Walker that' $783,862.64 be applied agaxnst the deficit I and
<br />the balance of available funds be placed in the Capital Improvement Fund earmarked for school construction, was
<br />lost, there being ao second.
<br />
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